This is a rush transcript from "Your World," December 9, 2013. This copy may not be in its final form and may be updated.

NEIL CAVUTO, HOST: Now time for one of my favorite guests of all time. Point, click, glitch, and now the federal ObamaCare is deeming some people ineligible for Medicaid -- or eligible, I should say -- when they're clearly not, now leaving those folks with little time to fix the situation or look anywhere else, everyone else with more fears that they're going to be paying for this, whether they're part of that Medicaid switch or not.

To Home Depot co-founder and chair of the board of trustees at the NYU Langone Medical Center, Ken Langone.

Kenneth, good to have you.

KEN LANGONE, CO-FOUNDER, HOME DEPOT: How are you, Neil?

COOPER: Good, but this health care thing, yikes.

LANGONE: It's a mess. It's a mess.

But there are other problems we have got to address. Who dares to ignore history is doomed to repeat it. Look at Detroit. There's a very ominous story there about pensions, about the affordability of pensions, about an exodus of people, two million down to 700,000 people in over 25 years, generational theft. This all ties into the same thing, entitlements and benefits.

CAVUTO: So, is the health care thing part and parcel to saying, government will give you whatever you want, but then you have to wake up and pay the costs?

LANGONE: Well, look, it's a simple equation.

The insurance companies have to get the money to pay out the benefits. They're banking on healthy people, young people to come in. And, by the way, Stan Druckenmiller and Geoff Canada are making a very focused effort to get young people to wake up to what is going to happen to them and their children 50 years from now, when the well will be dry.

This generational theft, the benefits...

CAVUTO: Well, the young are getting cynical, and maybe because they have been crunching the numbers themselves on this.

Where are they going to go? Politically, where does this group go?

LANGONE: Well, they want to go where there's accountability and where there's a reasonable understanding of the future.

For example, all these things we have heard about, Benghazi, the IRS, Fast and Furious, where is there a special prosecutor to investigate this? Now, understand something. Nixon's impeachment article said he tried to use the IRS, and the IRS would have no part of it. In this case, the IRS did it. They -- they targeted organizations based on their politics.

CAVUTO: But do you think this president gets a pass by the media?

LANGONE: Absolutely. They're afraid everybody is afraid of them.

CAVUTO: Well, do you think that is a little less so now?

LANGONE: No. The public -- the numbers are the public, not the media, not his opponents, not the Republican Party. He should be held to account.

But -- but, Neil, the big thing -- the thing I'm -- we're going to get there all right eventually, but with a lot of pain. But if we don't address generational theft, if we don't understand that we're taking and robbing from children that have not been even born yet, and guys like me, to get $4,000, my wife and I get $4,000 a month from the government, where is the logic?

CAVUTO: For Social Security, you're saying, or...

LANGONE: Yes. Yes.

CAVUTO: Do you take the Social Security?

LANGONE: I give it to -- we give it to charity.

CAVUTO: You do?

LANGONE: Yes, because you know what? If I tried to give it back, they'd spend it.

(LAUGHTER)

CAVUTO: You like Chris Christie.

LANGONE: I love him.

CAVUTO: And behind the scenes, in front of the scenes, you were really pushing for him to run for president. He opted not to. Now you're really pushing.

LANGONE: Hard as I can.

CAVUTO: A lot of Republicans and a lot of conservative Republicans say he is a RINO, that he is not really speaking to their needs and wishes.

What do you say?

LANGONE: This past week, last week, my partner who runs our truck leasing company had a person on the phone with me from South Carolina, a conservative, telling me he wants to get in line to help Christie if he runs.